Moss Bros delays results amid Covid-19 crisis
Menswear retailer Moss Bros said on Tuesday that it was delaying the release of its full-year results until late July due to the coronavirus outbreak.
It had previously planned to publish its accounts for the year ending 25 January in late May.
The Financial Conduct Authority and Financial Reporting Council said in March that listed firms in need of extra time to complete their audited financial statements could delay their publication by up to two months.
“The coronavirus pandemic is causing companies of all types to re-think and re-plan almost all aspects of their business and operations. We recognise that some companies, given the nature of their operations, may feel it appropriate to maintain the four-month calendar, but we would urge all those companies that feel it appropriate to utilise the additional two months to do so,” the financial regulators said.
Moss Bros, which was forced to close all stores in the UK at the end of March to help slow the spread of the virus, has also temporarily suspended online trading and closed its warehouse.
This will have a dramatic effect on the business, which received a £22.6m takeover offer from Brigadier Acquisition Company, the owner of Crew Clothing, before Covid-19 was widespread in the UK.
Moss Bros has warned that the health crisis will result in a significant reduction in revenue for the year ending January 30, but it insisted it has enough cash in the bank to withstand the decline in activity.
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